White Paper - Small Internal Audit Functions

Whitepaper

This is a members only resource.

Author

Andrew Cox

MBA, MEC, GradDipSc, GradCertPA, DipBusAdmin, DipPubAdmin, AssDipAcctg, CertSQM, PFIIA, CIA, CISA, CFE, CGAP, CSQA, MACS Snr, MRMIA

Chris Bennecke

PMIIA, CIA, CRMA, GAICD

Date

2025

Topics Explored

Internal Audit, Internal Audit Management

Format

White Paper

Extract/Description

Small internal audit functions often have more challenges than their larger counterparts, mainly from a resourcing perspective. The secret to success is to move away from an internal audit plan that offers only internal audit engagements, to a plan with a blend of service offerings that delivers more ‘bang for the buck’ and does more with less.

Key Points

1. Be an informed buyer of internal audit services. It is important to know what you want and what value you are seeking before you engage a service provider.
2. A small internal audit can still conform with the internal audit standards, though there may be need to be creative for a small number of standards.
3. An issue for small internal audit functions will often be how to maintain focus when there are so may things to do with limited resources.
4. Small internal audit functions need to work smart and do more with less.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes